Global nitrile butadiene rubber (NBR)market is expected to reach USD 2.68 billion by 2020, according to a new study by Grand View Research, Inc. Increasing use of NBR in the manufacture of automotive parts including dash boards and brake liners coupled with growing demand for automobiles is anticipated to drive market growth over the forecast period. Growing awareness regarding hygiene and safety in healthcare and manufacturing industries is expected to augment demand for NBR gloves owing to their high resistance to a host of chemicals and solvents.
Hose, belting & cable was the largest application, accounting for more than 25% of market share in 2013. Increasing demand for hose, belts & cable from automotives and manufacturing industries coupled with rapid industrialization, particularly in Asia Pacific, is likely to fuel growth of NBR over the forecast period. Industrial & medical gloves are expected to be the fastest growing application segment of the market on account of rising safety measures in these sectors.
Further key findings from the study suggest:
- Industrial & medical gloves are anticipated to be the fastest growing application segment growing at a CAGR of 5.8% between 2014 and 2020. Increasing demand for NBR gloves on account of their excellent resistance to chemicals and alkalis as well as chemical and structural stability is anticipated to drive market growth. Growth of the medical and manufacturing sectors coupled with implementation of safety regulations for workers is expected to augment market demand over the next six years.